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Polish central bank governor: We have about 600 tons of gold.On May 7, Russian Foreign Ministry spokeswoman Maria Zakharova stated that Russia advised Ukraine to take seriously Russias previous statement regarding the Victory Day ceasefire, and that Russia would resolutely respond to any armed provocations by Ukraine. Zakharova stated at a press conference that if Ukraine attempts to launch an attack on Russia during Victory Day on May 9, it may face a large-scale retaliatory strike.May 7th - U.S. labor productivity growth slowed in the first quarter, indicating that businesses are gradually improving employee efficiency to alleviate cost pressures. Data released Thursday by the U.S. Bureau of Labor Statistics showed that labor productivity, which measures the output of nonfarm workers per hour, grew at an annualized rate of 0.8%, with the fourth quarters growth revised down to 1.6%. Year-over-year, labor productivity grew by 2.9%, the largest annual increase since 2024. This recent trend of improved efficiency helps ensure that wage pressures are no longer a source of inflation, consistent with the views of Federal Reserve officials. Businesses are also increasing investment in technologies such as artificial intelligence to mitigate pressure from other rising costs. Labor costs are the largest expenditure item for many businesses. Unit labor costs (the cost of employees a business pays to produce one unit of output) rose 2.3% from the previous quarter. Unadjusted hourly wages grew at an annualized rate of 3.1%, while real wages, adjusted for inflation, declined at the beginning of the year. The report also showed that U.S. manufacturing labor productivity recorded its largest increase in a year in the first quarter, reversing the decline at the end of last year. Excluding the impact of government spending, nonfarm output grew at an annualized rate of 1.5% in the first quarter, slightly above the level at the end of 2025.On May 7th, it was learned from the Chongqing Municipal Commission of Economy and Information Technology that the commission, together with the Chongqing Municipal Public Security Bureau and the Chongqing Municipal Transportation Commission, recently jointly issued the "Detailed Rules for the Management of Highway Testing of Intelligent Connected Vehicles in Chongqing (Trial Implementation)". This further addresses the shortcomings in the highway testing system for high-level autonomous driving and standardizes the entire process management of highway testing for L3 and above intelligent connected vehicles. The "Detailed Rules" stipulate that testing entities must have dedicated highway testing and evaluation procedures, complete risk contingency plans, and safety management systems. These plans must be reviewed and approved by a third party before submission. Test vehicles must cover passenger, commercial, and special-purpose models, with strict distinctions in mileage levels. L3 vehicles must have a cumulative safe mileage of no less than 2,000 kilometers in the same batch, and no less than 200 kilometers per vehicle; L4 and above vehicles must have a cumulative safe mileage of 10,000 kilometers per vehicle. All vehicles must complete simulation, closed-course, and urban road pre-testing and provide complete reports. Regarding risk prevention and control for high-level autonomous driving, the "Detailed Rules" propose a three-stage progressive testing approach, gradually transitioning from testing with safety vehicles at both ends, retaining a rear safety vehicle, to independent testing without a safety vehicle, verifying the reliability of high-speed autonomous driving at each stage. At the same time, test drivers are required to complete no less than 20 hours of high-speed specialized practical training and emergency takeover training to comprehensively improve their ability to handle emergencies and build a solid safety barrier for high-speed driving.Spot silver rose above $81 per ounce for the first time since April 17, up more than 5% on the day. Spot gold rose more than 1%. A chart provides a quick overview of the pre-market prices of precious metals in both domestic and international markets.

Crypto winter may temper fintech earnings

Jimmy Khan

Aug 04, 2022 14:41

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Wall Street has lowered earnings expectations for once high-flying fintechs Coinbase and Block, as a chill in the cryptocurrency market adds more pain to the companies already grappling with surging costs and rapidly rising rates.


Crypto exchange Coinbase is expected to report an adjusted loss in the second quarter, while Jack Dorsey-led payments company Block is likely to post a 70% drop in adjusted profit.


Coinbase, which has the biggest exposure to crypto volatility, has lost more than three quarters of its market capitalization this year.


“For Coinbase, this is going to be a very difficult 12 to 18 months,” said Dan Dolev, senior analyst, fintech equity research at Mizuho Securities USA.


Block, which changed its name from Square last year to better reflect its focus on blockchain, has lost over half of its market value amid the stock market rout this year.

The context

The cryptocurrency selloff has dragged down multiple companies in the sector, with some even seeking bankruptcy protection. Bitcoin, the largest cryptocurrency, has nearly halved in value in the first seven months of the year.


“There could be potential for double digit headcount reduction (at Coinbase) at some point because the cost is too high,” Dolev said.


Estimate cuts and competitive pressures are also contributing to the weakness in fintech stocks, according to Credit Suisse analysts.


The cryptocurrency sector may be slowly emerging from a bruising selloff, but they still have to contend with regulatory hurdles in the United States, the biggest market for such assets.


Online trading app Robinhood Markets Inc reported a 44% plunge in second-quarter earnings on Tuesday, a day earlier than expected, and said it would also cut 23% of its workforce.